profession accelerates e-flings, but struggles for market share.
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by beth bellor
tax professionals are increasing their share of the e-filing market as we plow deeper into tax season. after starting at 34.6 percent and nudging up to 38.1, the latest figure is a healthier 44.3 percent of e-filings, although that’s about a point lower than the year-ago date.
more: data points down as tax season opens | more firms falling behind | does irs need a practitioner services division? | irs urged to form tax preparer strategy | accountants cautiously bullish on the economy | tax pros forecast a better 2020 | can the irs enforce the tax code? | tax pros upbeat on cusp of busy season | irs undertakes overhaul | the fight for new tax clients | what makes a good tax season client? | do your clients feel important? | 5 small leaks that can sink a tax season | 5 tax review keys | 4 reasons to push ahead with tax question research | one essential touch for tax season | 5 steps for tax season success | help tax clients help you | 3 steps to tax season happiness |
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the irs, which delayed release of the figures, had received 49.9 million individual income tax returns as of the week ending feb. 21, the latest data available. that’s down from the same period last year, but only by 0.1 percent. meanwhile, it had processed 48.1 million returns, up 0.7 percent.
so far, the internal revenue service has processed 96.3 percent of returns received this year.
e-filings are up 0.3 percent to 48 million. of those, 21.3 million were handled by tax professionals, down 2.8 percent, and self-preparers submitted 26.8 million, up 2.9 percent.
visits to irs.gov at 232.6 million are up 4.2 percent.
refunds were down in both number and amount. there were 37.5 million refunds, down 2.9 percent, in the total amount of $117.1 billion, down 3.4 percent. the average refund of $3,125 was down 0.6 percent.
direct deposit refunds numbered 35.4 million, down 2.5 percent, in the total amount of $113.4 billion, down 3.3 percent. the average direct deposit refund of $3,200 was down 0.8 percent.
direct deposit refunds averaged 2.4 percent higher than their paper counterparts.
the irs released data for the weeks ending feb. 21 and feb. 14 on the same date, feb. 28. the delay was understandable after looking at the chart:
readers may be wondering what the heck was going on with refunds, and the irs hastened to remind us it’s an annual skewing of figures, noting that “calendar factors are having a major, but temporary, impact on this week’s refund numbers.”
blame it on the path act, section 201, which requires the irs to hold refunds for tax returns claiming the earned income tax credit (eitc) or the additional child tax credit (actc) until feb. 15. last year the week ended on that date, but in 2020 it stopped one day earlier, so refunds held because of the path act were not included in this filing season report.